Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbols BEEM and BEEMW. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).
Forward-Looking Statements
This Beam Global Press Release contains forward-looking statements including but not limited to statements about the Company's belief about its future profitability. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may," or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations, including, but not limited to the following statements: statements regarding the acquisition of Amiga, its expected benefits, and the anticipated future financial performance as a result of the acquisition. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global's actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com
Beam Global
Consolidated Balance Sheets
(In thousands)
December 31,
------------------
2023 2022
------- ---------
Assets
Current assets
Cash $10,393 $ 1,681
Accounts receivable, net 15,943 4,429
Prepaid expenses and other current assets 2,453 1,579
Inventory 11,933 12,246
Total current assets 40,722 19,935
------- -------
Property and equipment, net 16,513 1,548
Operating lease right of use assets 1,026 1,638
Goodwill 10,270 4,600
Intangible assets, net 9,050 9,947
Deposits 62 62
Total assets $77,643 $37,730
====== ======
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 9,732 $ 2,865
Accrued expenses 2,737 1,687
Sales tax payable 209 33
Deferred revenue, current 828 1,183
Note payable, current 40 -
Deferred consideration, current 2,713 -
Contingent consideration, current - 6,776
Operating lease liabilities, current 615 628
Total current liabilities 16,874 13,172
------- -------
Deferred revenue, noncurrent 402 266
Note payable, noncurrent 160 -
Contingent consideration, noncurrent 4,725 15
Other long-term liabilities 5,485 -
Operating lease liabilities, noncurrent 455 1,070
Total liabilities 28,101 14,523
------- -------
Total stockholders' equity 49,542 23,207
Total liabilities and stockholders' equity $77,643 $37,730
====== ======
Beam Global
Consolidated Statements of Operations
(In thousands, except per share amounts)
Year Ended
December 31,
----------------------
2023 2022
--------- -----------
Revenues $ 67,353 $ 21,995
Cost of revenues 66,149 23,662
-------- --------
Gross profit (loss) 1,204 (1,667)
Operating expenses 17,465 18,049
-------- --------
Loss from operations (16,261) (19,716)
Total other income, net 213 36
-------- --------
Loss before income tax expense (16,048) (19,680)
Income tax expense 12 2
-------- --------
Net loss $(16,060) $(19,682)
======= =======
Net loss per share -- basic and diluted $ (1.30) $ (1.99)
======= =======
Weighted average shares outstanding -- basic
and diluted 12,345 9,909
======== ========
(END) Dow Jones Newswires
April 16, 2024 19:02 ET (23:02 GMT)
Comments